Current Events > My lease runs out in 2 months and idk what to do

(+) Yeah! (+)

I love my car, and if I wanna buy it, I gotta pay 20,000 almost exactly. It has everything I would want and I actually owe less then the car is worth. Same car in similar condition and mileage has a value of 22k-26k.

The options are either switch this lease to a finance, or lease another new car. Issue is I feel like my kind of cars are not easy to get. I only drive AWD sedans since I need AWD where I live and I hate SUVs. Wayyyy too big for me. So there's really not many options on what I could get unless someone has an ideas on what's out there haha.

If you love the car then its pretty obvious what you have to do. Just buy out the lease by financing it.

littlebro07 posted...

If you love the car then its pretty obvious what you have to do. Just buy out the lease by financing it.

This.

You already said it is worth more than you owe and in this day and age 20K for a dependable vehicle you claim you love and is needed is nothing. Seems pretty straight forward.

What is it

Yeah, what they said. Buy out the lease by financing it.

Are those the final numbers? I had a lease return and there was some cost towards qualifying it as a CPO first (for the warranty going forward). It...sucked, but was still better than starting on a new copy of the same car. I'm in a market where cars can kinda sell themselves.

I still don't know long a relatively current gen car (AA/Carplay, Radar Cruise control as my "era" markers) will last. I'm watching how my friend's 10th gen Civic is going. It will hit the decade mark next year. I hope my Honda's don't turn to shit after the warranty is up.

what kind of car is it?

you can get an AWD Camry but idk how much the new ones go for now. 30k+ I think

archizzy posted...

This.

You already said it is worth more than you owe and in this day and age 20K for a dependable vehicle you claim you love and is needed is nothing. Seems pretty straight forward.

20k extra. How much are you in for already TC? Also what car is it.

2022 K5 AWD GT-Line. And I think Im about 20k in it already since I sold my previous card and put down like 6k on it in addition to the price of the lease

Legit didn't know Kia made AWD sedans.

Tmyk

Oh fuck yeah, the K5 is an incredible car in almost every way. Keep it.

I'm leaning towards keeping it but my family keeps tellin me it's a really bad idea haha. But yeah the cars that I really want are wayyyy too much money and I cant get them at this point in my career. That AWD off-road mustang looks unreal and an AWD mustang is my dream car.

Whats their reasoning for it being a bad idea?

Two reasons.

• Expiration of the warranty means that I'll have to pay a ton if something goes wrong.
• Leasing another car is cheaper.

My counterpoint is that the last car they leased and then purchased was a Ford Escape that legit broke down several times. Within 2 years of driving it off the lot, it needed a COMPLETELY new engine, which was covered under warranty but still. Not a good sign. That's just one of a million things that broke. Ever since then, I think they don't like the idea of buying out leases.

Other counterpoint is that my car is as cheap as it is since I traded in my previous lease and put that money towards this K5. It was during covid car shortage so I actually got 6k more then the price it would have cost me to not only pay for the rest of the lease, but also to buy the car out at the end of the lease. So it was a once in a lifetime thing haha.
All this means that I think if I lease a new car, it would cost me about the same monthly price as buying out this car. Especially if I don't put any money down on the new car.

SF_Okami posted...

Ford Escape

my uncle had a ford escape... his transmission got fucked over soon as he finished the last payment to his lease.

it still runs. but it's going to one of my other uncles so he could recoup the costs of the funeral and cleanup (cleanup was 4k dollars of the bedroom with the blood stain where he ended himself)

many users heard the story so i won't need to speak it anymore for some time.

Why would the warranty expire? Kia is 10 years, 100,000 miles for power train and 5 years, 60,000 miles for basic. All for the first owner, which you would still be when buying out the lease. We actually just bought out a lease on our 2021 Sorento last month, that original warranty is still in place

And sure, you can lease a brand new car and maybe have a lower payment, but youre basically starting over with a 30+ thousand dollar car you might not even like, versus just being about 20k away from something thats fully paid off and yours to keep that you actually know you want.